Mar 31, 2015
We have audited the accompanying standalone financial statements of
SHIVA SUITINGS LIMITED ("the Company"), which comprises the Balance
Sheet as at March 31, 2015, the Statement of Profit and Loss and Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134 (5) of the Companies Act, 2013 (" the Act") with respect
to the preparation of these standalone financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the Company in accordance with accounting principles
generally accepted in India, including the Accounting Standards
specified under section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014.This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the act for safeguarding of the assets of the company for
preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; Making judgments and
estimates that are reasonable and prudent; and the design,
implementation and maintenance of adequate internal financial controls
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatements, whether due to fraud or
error.
Auditor's Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the rules made there under. We conducted our
audit in accordance with the Standards on Auditing issued by the
Institute of Chartered Accountants of India, as specified under section
143(10) of the Act. Those Standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's
preparation of the standalone financial statements that give a true and
fair view in order to design audit procedures that are appropriate in
the circumstances but not for the purpose of expressing an opinion on
whether the company has in place an adequate internal financial system
over financial reporting and the operating effectiveness of such
controls. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by the company's Directors, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
b) In the case of statement of Profit and Loss, of the Profit for the
year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date. Report on Other Legal and Regulatory
Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure 1 a
statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purpose of our audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books;
c) The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) In our opinion, the aforesaid standalone financial statements comply
with the Accounting Standards specified undersection 133 of the Act,
read with rule 7 of the Companies (Accounts) rules,2014;
e) On the basis of written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of section 164(2) of the Act;
f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules,2014, in our opinion and to the best of our information and
according to the explanations given to us;
i) The company does not have any pending litigations which have any
impact on its financial position in its financial statements.
ii) The company does not have any long term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii) The Company has not transferred following amounts which were
required to be transferred to the Investor Education and Protection
Fund :
Nature of Amount Period Rs.
Debenture Interest FY 2006-07 7,571/-
Annexure to the Auditor's Report even date (Referred to in paragraph 1
thereof)
1. According to the information and explanations received by us from
the management, we are of the opinion that the question of commenting
on maintenance of proper records of fixed assets, physical verification
and any substantial sale does not arise since the company had no fixed
assets as on 31st March 2015 or at any time during the financial year
ended 31st March 2015.
2. In respect of Inventories:
a. As explained to us physical verification of inventories has been
conducted during the year by the management at reasonable intervals.
b. In our opinion, the procedures of physical verification of
inventories followed by the management are reasonable and adequate in
relation to the size of the company and nature of its business.
c. In our opinion and according to the information and explanation
given to us, the Company is maintaining proper records of its
inventories and no material discrepancies were noticed on physical
verification.
3. The company has not granted any loans, secured or unsecured to the
companies, firms or other parties covered in the register maintained
under Section 189 of the companies Act, 2013.
4. In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of inventory and sale of goods. Further, on the basis of our
examination of the books and records of the company, carried out in
accordance with the auditing standards generally accepted in India and
according to the information and explanations given to us, we have
neither come across nor have we been informed of any continuing failure
to correct weaknesses in the aforesaid internal control system.
5. According to the information and explanations given to us, the
Company has not accepted any deposits from public.
6. As informed to us, the Central Government has not prescribed the
maintenance of Cost records under section 148 of the Companies Act,
2013 for any of the activities of the company.
7. (a) According to the records of the company, the Company is generally
regular in depositing with appropriate authorities undisputed statutory
dues, including Provident Fund, Employee's State Insurance, Income Tax,
Sales Tax, Wealth Tax, Custom Duty, Duty of Excise, Value Added Tax,
Cess and other statutory dues applicable to it.
(b) According to the information and explanations given, no undisputed
amounts payable in respect of Income-Tax, Sales Tax, Wealth Tax,
Service Tax, Customs Duty, Excise Duty/Cess were outstanding as at 31
-03-2015 for a period of more than six months from the date they became
payable.
(c) According to the records of the company there are no dues of
Income-Tax, sales tax, wealth tax, service tax, customs duty, excise
duty/cess which have not been deposited on account of any dispute.
(d) The Company has not transferred following amounts, which were
required to be transferred to the Investor Education and Protection
Fund:
Nature of Amount Period Rs.
Debenture Interest FY 2006-07 7,571/-
8. The accumulated losses of the company have not exceeded fifty
percent of its net worth as at 31.03.2015. The company has not incurred
any cash loss during the current financial year or in the preceding
year covered by our audit.
9. As per the information and explanations given to us, the company
has not obtained any loan from any financial institution or bank and
issued debentures.
10. The company has not given any corporate guarantees for loans taken
by others from banks and financial Institutions.
11. According to the records of the Company, the Company has not
obtained any term loans during the year. Hence, comments under the
clause are not called for.
12. Based upon the audit procedure performed and information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For V.K. Beswal & Associates
Chartered Accountants
Firm Registration No.101083W
CA K. V. Beswal
Partner
Membership No.131054
Place : MUMBAI
Date : May 29, 2015
Mar 31, 2014
We have audited the accompanying financial statements of SHIVA SUITINGS
LIMITED, which comprise the Balance Sheet as at March 31, 2014, and the
Statement of Profit and Loss and Cash Flow Statement for the year then
ended, and a summary of significant accounting policies and other
explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the company in accordance with
the accounting standard referred to in sub-section (3c) of section 211
of the Companies Act, 1956 ("the act") read with the general circular
15/2014 dated 13th September 2014 of the ministry of corporate affairs
in respect of section 133 of the companies act, 2014. This
responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement. An audit involves performing procedures to
obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor''s
judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal
control relevant to the Company''s preparation and fair presentation of
the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the entity''s internal control. An
audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of the accounting estimates made
by management, as well as evaluating the overall presentation of the
financial statements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
A) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
B) In the case of the Profit and Loss Account, of the PROFIT for the
year ended on that date; and
C) In the case of the Cash Flow Statement, of the Cash Flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
A) As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
B) As required by section 227(3) of the Act, we report that:
i. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
ii. In our opinion proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
iii. The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
iv. In our opinion, the Balance Sheet, Statement of Profit and Loss
and Cash Flow Statement comply with the Accounting Standards referred
to in sub-section (3C) of section 211 of the Companies Act, 1956 read
with the general circular 15/2014 dated 13th September 2014 of the
ministry of corporate affairs in respect of section 133 of the
Companies Act, 2014;
v. On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub- section (1) of
section 274 of the Companies Act, 1956.
1) According to the information and explanations received by us from
the management, we are of the opinion that the question of commenting
on maintenance of proper records of fixed assets, physical verification
and any substantial sale does not arise since the company had no fixed
assets as on 31st march 2014 or at any time during the financial year
ended 31st March 2014.
2) In respect of Inventories:
a) As explained to us physical verification of inventories has been
conducted during the year by the management at reasonable intervals.
b) In our opinion, the procedures of physical verification of
inventories followed by the management are reasonable and adequate in
relation to the size of the company and nature of its business.
c) In our opinion and according to the information and explanation
given to us, the Company is maintaining proper records of its
inventories and no material discrepancies were noticed on physical
verification.
3) The company has neither taken nor granted any loans or advances
from/to parties covered in the register maintained u/s.301 of the
Companies Act, 1956.
4) In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business. Further,
on the basis of our examination of the books and records of the
company, carried out in accordance with the auditing standards
generally accepted in India and according to the information and
explanations given to us, we have neither come across nor have we been
informed of any continuing failure to correct weaknesses in the
aforesaid internal control system.
5) Based on the audit procedures applied by us and the information and
explanations provided by the management, we are of the opinion that
there were no transactions during the year that need to be entered in
the register maintained u/s.301 of the Companies Act, 1956.
6) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from public
during the year. Therefore, the provision of Clause (vi) of the
Companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
7) In our opinion the Company has an internal audit system commensurate
with its size and nature of its business.
8) According to the information and explanations provided by the
management, the Company is not engaged in production, processing,
manufacturing or mining activities. Hence, the provisions of section
209(1)(d) of the Companies Act, 1956 do not apply to the Company.
Hence, in our opinion, no comment on maintenance of cost records under
section 209(1)(d) is required.
9) According to the records of the company, the Company is generally
regular in depositing with appropriate authorities undisputed statutory
dues, including provident fund, employee''s state insurance, Income Tax,
Sales Tax, wealth tax, custom duty, excise duty, service tax, Cess and
other statutory dues applicable to it.
10) The accumulated losses of the company have exceeded fifty percent
of its net worth as at 31.03.2014. The company has not incurred any
cash loss during the current financial year or in the preceding year
covered by our audit.
11) According to records of the company, the company has not borrowed
any sum from financial institutions or banks and in respect of
debentures the company neither has any debentures outstanding as on
31.03.2014 nor it has issued any debentures during the year under
audit, hence comments with regards to any default under the said clause
are not applicable.
12) According to the information and explanation given to us the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures or other securities.
13) In our opinion, and to the best of our information and according to
the explanations provided by the management, we are of the opinion that
the company is neither a Chit Fund nor a nidhi /mutual benefit society.
Hence, in our opinion, the requirements of para 4 (xiii) of the Order
do not apply to the company.
14) As per records of the company and information and explanations
given to us by the management, company is not dealing or trading in
shares, securities, and debentures and other investments.
15) According to the records of the company and the information and
explanations provided by the management, the company has not given
guarantees for loans taken by others from banks or financial
institutions.
16) According to the records of the Company, the Company has not
obtained any term loans during the year. Hence, comments under the
clause are not called for.
17) According to the information and explanations given to us and, on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment by the company.
18) According to the records of the Company and the information and
explanations provided by the management, the Company has not made any
preferential allotment of shares to parties and companies covered in
the register maintained u/s.301 of the Companies Act, 1956.
19) No debentures have been issued by the Company during the year
covered by our audit report and hence, the question of creating
securities in respect thereof does not arise.
20) The Company has not raised any money by public issue during the
year covered by our audit report.
21) Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the Company has been noticed or reported during the course of our
audit.
For V.K. BESWAL & ASSOCIATES
CHARTERED ACCOUNTANTS
FIRM REG.NO.: 101083W
CAKV BESWAL
PARTNER
Membership Number: 131054
PLACE : Mumbai
DATED : May 30, 2014
Mar 31, 2010
We have audited the attached Balance Sheet of SHIVA SUITINGS LIMITED,
as at 31st March 2010 and also the Profit and Loss Account and cash
flow statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosure in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
1. As required by the Companies (Auditors Report) Order, 2003 (as
amended)issued by the Central Government in terms of Section 227 (4A)
of the Companies Act, 1956, we annex hereto a statement on the matters
specified in paragraphs 4 and 5 of the Order.
2. Further to our comments in the Annexure referred to in Paragraph 1
above:
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b) In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books.
c) The Balance Sheet, Profit & Loss Account & Cash Flow Statement
referred to in this report are in agreement with the books of account.
d) In our opinion and to the best of our information and according to
the explanations given to us, the Profit & Loss Account, Balance Sheet
and Cash Flow Statement are prepared in accordance with the Accounting
Standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956 subject to clause II (2) of schedule "L".
e) On the basis of written representations received from directors as
on 31.03.2010 and taken on record by the Board of Directors, we report
that none of the Directors are disqualified as on 31.03.2010 from being
appointed as a Director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f) Attention is also invited to;
The accounts of the company have been prepared on the basis of that it
is a going concern, in spite of the accumulated losses of the company
has eroded its net worth.
a) in so far as it relates to the Balance Sheet, of the state of
affairs of the Company as at 31st March, 2010,
b) in so far as, it relates to the Profit & Loss Account of the Profit
of the company for the year ended on that date, and
c) in the case of Cash flow statement for the year ended on that date;
ANNEXURE TO THE AUDITORS REPORT OF EVEN DATE (Referred to in paragraph
1 thereof)
1. In respect of Fixed Assets:
a) The company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
b) The fixed assets have been physically verified by the management at
reasonable intervals during the year. We are informed that no material
discrepancies were noticed by the management on such verification.
c) Based on our scrutiny of the records of the company and the
information & explanation received by us, we report that there was no
sale of fixed assets during the year.
2. In respect of Inventories:
a) As explained to us physical verification of inventories has been
conducted during the year by the management at reasonable intervals.
b) In our opinion, the procedures of physical verification of
inventories followed by the management are reasonable and adequate in
relation to the size of the company and nature of its business.
c) In our_opinion and according to the information and explanation
given to us, the Company is maintaining proper records of its
inventories and no material discrepancies were noticed on physical
verification.
3. The company has neither taken nor granted any loans or advances
from/to parties covered in the register maintained u/s.301 of the
Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of inventory and for the sale of goods.
5. Based on the audit procedures applied by us and the information and
explanations provided by the management, we are of the opinion that
there were no transactions during the year that need to be entered in
the register maintained u/s.301 of the Companies Act, 1956.
6. In our opinion and according to the information and explanations
given to us the company has not accepted any deposits from public
within the meaning of section 58A, 58AA or any other provisions of the
Companies Act, 1956.
7. In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8. As informed to us, the Central Government has not prescribed the
maintenance of Cost records under section 209(1 )(d) of the Companies
Act, 1956 for any of the products of the company.
9. The Company is generally regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, excise
duty, Service Tax Custom Duty, Cess and other statutory dues applicable
to it which were outstanding, as at 31/3/2010 for a period of more than
six months from the date they became payable.
According to the information & explanation given to us, dues relating
to Octroi have not been deposited on account of the dispute with the
related authority here been reflected in the table given below:-
Forum where disputed in
Particulars Amount (Rs.) Pending
The Addl. Assessor & Collector
Octroi 15,57,488 (Octroi) Birhanmumbai
Mahanagarpalika, Mumbai
10. The accumulated losses of the Company have exceeded 50% of its net
worth as at 31st March 2010. The Company has not incurred any cash
loss during the year, however company has incurred a cash loss of Rs.
19.83 lac in the immediately preceding financial year.
11. The Company has neither borrowed from financial institutions or
banks or issued debentures during the year nor any opening outstanding
liability is there, hence in our opinion, the question of reporting on
defaults in repayment of dues to financial institutions or banks or
debenture holders does not arise.
12. According to the information and explanation given to us the
company has not granted any loans & advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. In our opinion, and to the best of our information and according
to the explanations provided by the management, we are of the opinion
that the company is neither a Chit Fund nor a nidhi/mutual benefit
society. Hence in our opinion, the requirements para 4 (xiii) of the
Order do not apply to the company.
14. As per records of the company and information and explanations
given to us by the management, company is not dealing or trading in
shares, securities, and debentures and other investments. Hence in our
opinion, the requirements of para 4 (xiv) of the order do not apply to
the company.
15. According to the information and explanations given to us the
Company has not given any Guarantee for loan taken by others from Banks
or Financial Institutions.
16. According to the records of the company, the company has not
obtained any term loans during the year. Hence, comments under the
clause are not called for.
17. According to the information and explanations given to us and, on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment by the company.
18. According to the records of the company and the information and
explanations provided by the management, the company has not made any
preferential allotment of shares to parties and companies covered in
the register maintained u/s.301 of the Act.
19. No debentures have been issued by the Company during the year and
hence, the question of creating securities or charge in respect thereof
does not arise.
20. The Company has not raised any money by way of public issue during
the period covered by our audit report.
21. Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the Company has been noticed or reported during the course of our
audit.
For.V.K. BESWAL & ASSOCIATES,
CHARTERED ACCOUNTANTS
FIRMREGNNO101083W
[CA K. V. BESWAL]
[PARTNER]
M. NO.: 131054
PLACE : Mumbai
DATE: August 02, 2010
Mar 31, 2009
We have audited the attached Balance Sheet of SHIVA SUITINGS LIMITED,
as at 31st March, 2009 and also the Profit and Loss Account and cash
flow statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosure in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
1. As required by the Companies (Auditors Report) Order, 2003 (as
amended)issued by the Central Government in terms of Section 227 (4A)
of the Companies Act, 1956, we annex heretoa statement on the matters
specified in paragraphs 4 and 5 of the Order.
2. Further to our comments in the Annexure referred to in Paragraph 1
above:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b) In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books.
c) The Balance Sheet, Profit & Loss Account & Cash Flow Statement
referred to in this report are in agreement with the books of account.
d) In our opinion and to the best of our information and according to
the explanations given to us, the Profit & Loss Account, Balance Sheet
and Cash Flow Statement are prepared in accordance with the Accounting
Standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956 subject to clause II (2) of schedule "L".
e) On the basis of written representations received from directors as
on 31.03.2009 and taken on record by the Board of Directors, we report
that none of the Directors are disqualified as on 31.03.2009 from being
appointed as a Director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f) Attention is also invited to;
The accounts of the company have been prepared on the basis of that it
is a going concern, in spite the accumulated losses of the company has
eroded its net worth.
a) in so far as it relates to the Balance Sheet, of the state of
affairs of the Company as at 31 st March, 2009,
b) in so far as it relates to the Profit & Loss Account of the Loss of
the company for the year ended on that date, and
c) in the case of Cash flow statement for the year ended on that date;
1. In respect of Fixed Assets:
a) The company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
b) The fixed assets have been physically verified by the management at
reasonable intervals during the year. We are informed that no material
discrepancies were noticed by the management on such verification.
c) Based on our scrutiny of the records of the company and the
information & explanation received by us, we report that there were
substantial sales of fixed assets during the year but the fixed assets
disposed does not affect the going concern of the company.
2. In respect of Inventories:
a) As explained to us physical verification of inventories has been
conducted during the year by the management at reasonable intervals.
b) In our opinion, the procedures of physical verification of
inventories followed by the management are reasonable and adequate in
relation to the size of the company and nature of its business.
c) In our opinion and according to the information and explanation
given to us, the Company is maintaining proper records of its
inventories and no material discrepancies were noticed on physical
verification.
3. The company has neither taken nor granted any loans or advances
from/to parties covered in the register maintained u/s.301 of the
Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of inventory and for the sale of goods.
5. Based on the audit procedures applied by us and the information and
explanations provided by the management, we are of the opinion that
there were no transactions during the year that need to be entered in
the register maintained u/s.301 of the Companies Act, 1956.
6. In our opinion and according to the information and explanations
given to us the company has not accepted any deposits from public
within the meaning of section 58A, 58AA or any other provisions of the
Companies Act, 1956.
7. In our opinion the Company has an internal audit system
commensurate with its size and nature of its business.
8. As informed to us, the Central Government has not prescribed the
maintenance of Cost records under section 209(1 )(d) of the Companies
Act, 1956 for any of the products of the company.
9. The Company is generally regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, excise
duty, Service Tax Custom Duty, Cess and other statutory dues
applicable to it except Rs.71,526 in respect of Investor Education
Protection Fund which were outstanding, as at 31/3/2009 for a period of
more than six months from the date they became payable.
According to the information & explanation given to us, dues relating
to octroi have not been deposited on account of the dispute with the
related authority here been reflected in the table given below:-
Particulars Amount (Rs.) Forum where disputed in Pending
Octroi 15,57,488 The Addl. Assessor & Collector (Octroi)
Birhanmumbai Mahanagarpalika, Mumbai
10. The accumulated losses of the Company have exceeded 50% of its net
worth as at31st March, 2009. The Company has incurred a cash loss of
Rs. 19.83 Lac during the year and Rs. 18.25 lac in the immediately
preceding financial year.
11. The Company has not defaulted in repayment of dues to. Debenture
Holders.
12. According to the information and explanation given to us the
company has not granted any loans & advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. In our opinion, and to the best of our information and according
to the explanations provided by the management, we are of the opinion
that the company is neither a Chit Fund nor a nidhi/mutual benefit
society. Hence in our opinion, the requirements para 4 (xiii) of the
Order do not apply to the company.
14. As per records of the company and information and explanations
given to us by the management, company is not dealing or trading in
shares, securities, and debentures and other investments. Hence in our
opinion, the requirements of para 4 (xiv) of the order do not apply to
the company.
15. According to the information and explanations given to us the
Company has not given any Guarantee for loan taken by others from Banks
or Financial Institutions.
16. According to the records of the company, the company has not
obtained any term loans during the year. Hence comments under the
clause are not called for.
17. According to the information and explanations given to us and, on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long term
investment by the company.
18. According to the records of the company and the information and
explanations provided by the management, the company has not made any
preferential allotment of shares to parties and companies covered in
the register maintained u/s.301 of the Act.
19. No debentures have been issued by the Company during the year and
hence, the question of creating securities or charge in respect thereof
does not arise.
20. The Company has not raised any money by way of public issue during
the period covered by our audit report.
21. Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the Company has been noticed or reported during the course of our
audit.
For V.K. BESWAL & ASSOCIATES, CHARTERED ACCOUNTANTS
Sd/-
[CA R. P. LADDHA] [PARTNER]
M.NO.:48195
PLACE: Mumbai
DATE : August 10, 2009